despite the fact that we had a bit of concern increasing after the stepdown of monti in italy. but you have seen that it has proved to be an entry point for people still buying periphery paper. what we're seeing now is institutional investors from other parts of europe are bringing back some of the money to these markets. there is now flows again from italy into spain. we're seeing in portugal yields are falling further. all in all, this is sending a general message that the risk premium are coming down and continue to be gradually reduced. >> and how much more momentum is there? we've been waiting for the forced hand on spain. but frankly, there's little sign of pressure right now. >> i fully agree. as long as this continues, the probability of spain moving into such a program is coming down. obviously, the big question out there is whether we will see this translate into some sort of better market position. but for a second leg down in substantial lower yields, you would want to see improving economic conditions in these countries and improving deficites and stabilization in